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Course Details

Revenue Recognition: The New Guidelines - 2016 (Course Id 1181)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 5.0
IRS Credits : 0
Price : $49.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 1181

Description :

In 2014, after years of deliberations, the Financial Accounting Standards Board (the FASB) and the International Accounting Standards Board (the IASB) jointly issued the Accounting Standard Update (ASU) No. 2014-09. This new revenue recognition standard was issued to replace virtually all revenue recognition guidance found in U.S. GAAP and IFRS, including the existing guidance found in Topic 605, Revenue Recognition.

The new revenue standard creates a single source of revenue guidance for all companies in all industries. This is a significant difference from the guidance used currently, which contains many instances of industry- or transaction-specific recommendations. This course reviews many of the new provisions through 2016.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : General Accounting.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Advance Preparation : None.
Delivery Method : Self-Study.
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 10-Mar-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1181

Keywords : Accounting, Revenue, Recognition, New, Guidelines, 2016, cpe, cpa, online course
Learning Objectives :


Course Learning Objectives

After studying this course, you will be able to:
    Recognize which entities will be affected by the new revenue guidelines.
    Identify the implementation dates for public and nonpublic entities.
    Recognize the significant difference between the new guidelines and current practice.
    Identify the difference between U.S. GAAP and IFRS.
    Recognize the steps involved in implementing the new revenue guidelines.
    Identify performance obligations and contract modifications.
    Recognize disclosure requirements for the new revenue guidelines.
    Identify the potential impact upon adoption of new revenue guidelines.
Course Contents :

Chapter 1 - Revenue Recognition: The New Guidelines

Course Learning Objectives

Background

Why Did the FASB Issue This Accounting Standards Update?

Who Is Affected by the Amendments in ASC 606?

How Do the Provisions Differ from Current U.S. GAAP and Why Are They an Improvement?

How Do the Provisions Compared with IFRS?

When Will the Amendments Be Effective?

The Main Provisions

Step 1: Identify the Contract with a Customer

Step 2: Identify the Performance Obligations in the Contract

Review Questions

Step 3: Determine the Transaction Price

Review Questions

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract

Step 5: Recognize Revenue When (or As) the Entity Satisfies a Performance Obligation

Other Considerations

Costs to Obtain or Fulfill a Contract with a Customer

Warranties

Principal versus Agent Considerations

Licensing

Disclosures

Implementation Consideration

Review Questions

Glossary

Accounting Course 1181 Home: https://www.cpethink.com/accounting-cpa-courses
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